Needham & Company LLC Forecasts Strong Price Appreciation for Hinge Health (NYSE:HNGE) Stock

Hinge Health (NYSE:HNGE) had its price objective upped by equities research analysts at Needham & Company LLC from $97.00 to $115.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 20.49% from the company’s current price.

Other research analysts have also issued research reports about the company. Truist Financial lifted their target price on Hinge Health from $85.00 to $112.00 and gave the company a “buy” rating in a report on Monday, August 10th. KeyCorp raised their price objective on shares of Hinge Health from $90.00 to $125.00 and gave the company an “overweight” rating in a research report on Monday, July 13th. Raymond James Financial boosted their price objective on shares of Hinge Health from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, June 15th. Bank of America initiated coverage on shares of Hinge Health in a report on Tuesday. They set a “buy” rating and a $110.00 target price on the stock. Finally, Stifel Nicolaus raised their price target on shares of Hinge Health from $96.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, September 8th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Hinge Health currently has a consensus rating of “Moderate Buy” and a consensus price target of $105.33.

Hinge Health Price Performance

NYSE:HNGE opened at $95.44 on Wednesday. Hinge Health has a 1 year low of $30.08 and a 1 year high of $97.95. The stock’s fifty day moving average price is $87.58 and its two-hundred day moving average price is $68.33. The company has a market cap of $7.70 billion, a P/E ratio of 74.57 and a beta of 1.38.

Hinge Health (NYSE:HNGE) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.31. Hinge Health had a return on equity of 51.60% and a net margin of 15.15%.The company had revenue of $212.82 million during the quarter. Hinge Health’s revenue for the quarter was up 53.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.59 earnings per share. On average, analysts expect that Hinge Health will post 1.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Insight Holdings Group, Llc sold 244,672 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $90.23, for a total value of $22,076,754.56. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Gabriel Mecklenburg sold 250,000 shares of the firm’s stock in a transaction on Friday, September 11th. The shares were sold at an average price of $88.97, for a total transaction of $22,242,500.00. Following the sale, the chairman owned 250,000 shares in the company, valued at approximately $22,242,500. This trade represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 1,198,932 shares of company stock worth $108,122,542. 18.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hinge Health

A number of hedge funds and other institutional investors have recently modified their holdings of HNGE. IFP Advisors Inc raised its holdings in shares of Hinge Health by 140.0% during the 2nd quarter. IFP Advisors Inc now owns 324 shares of the company’s stock valued at $27,000 after buying an additional 189 shares in the last quarter. Nykredit A S bought a new position in Hinge Health during the second quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Hinge Health during the fourth quarter worth approximately $26,000. CENTRAL TRUST Co bought a new stake in shares of Hinge Health in the 1st quarter worth approximately $37,000. Finally, Comprehensive Financial Management LLC purchased a new stake in shares of Hinge Health in the 2nd quarter valued at $212,000.

Hinge Health Company Profile

Hinge Health, Inc is a digital healthcare company focused on musculoskeletal (MSK) conditions, including back and joint pain. The company provides virtual care designed to help members manage pain, improve mobility and avoid or delay more invasive treatments.

Its platform combines a mobile application, motion-sensing technology, personalized exercise therapy, education and support from a care team that may include clinical specialists. Hinge Health offers programs for conditions such as chronic back pain, knee pain and other common MSK issues, with services generally provided through employers, health plans and other healthcare organizations.

Hinge Health was founded in 2015 and is headquartered in San Francisco, California.